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MarketScreener Homepage  >  Equities  >  Nyse  >  American International Group Inc    AIG

AMERICAN INTERNATIONAL GROUP INC

(AIG)
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AM Best : Comments on Credit Ratings of American International Group, Inc. and Its Subsidiaries Following Announced Plans to Separate Its Life & Retirement Business

10/27/2020 | 03:42pm EST

AM Best has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG] remains unchanged following its announcement to pursue a separation of its life and retirement business. AM Best also has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” of AIG’s property/casualty insurance subsidiaries (collectively referred to as AIG PC) remain unchanged. Concurrently, AM Best has commented that the FSR of A (Excellent) and the Long-Term ICR of “a” for the members of the AIG Life & Retirement Group (AIG L&R) also remain unchanged. The outlook of these Credit Ratings (ratings) is stable.

On Oct. 26, 2020, AIG announced its intention to separate its Life and Retirement business segments from AIG. AIG’s board of directors believes a more simplified corporate structure and focused management will lead to increased shareholder value.

Historically, the consolidated group has benefited from the operational profitability and diversification brought by AIG L&R. However, AM Best notes the significant changes in underwriting, volatility reduction actions taken through reinsurance purchases and product portfolio repositioning that have been implemented at AIG PC over the last few years, all of which have improved AIG PC’s operational profile. At this point, AM Best awaits additional necessary details on how this separation will proceed, the impact it will have on the overall capital structure and credit quality at AIG and each segment, along with a planned timeline. AM Best will continue to monitor the situation and react accordingly from a ratings perspective as details arise.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


© Business Wire 2020
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Financials (USD)
Sales 2020 44 296 M - -
Net income 2020 -5 347 M - -
Net Debt 2020 - - -
P/E ratio 2020 -6,96x
Yield 2020 3,28%
Capitalization 34 211 M 34 211 M -
Capi. / Sales 2020 0,77x
Capi. / Sales 2021 0,78x
Nbr of Employees 46 000
Free-Float 45,2%
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Technical analysis trends AMERICAN INTERNATIONAL GROUP INC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 40,13 $
Last Close Price 39,71 $
Spread / Highest target 48,6%
Spread / Average Target 1,05%
Spread / Lowest Target -19,4%
EPS Revisions
Managers
NameTitle
Brian Duperreault Chief Executive Officer & Director
Peter Zaffino President, CEO-Elect, COO & Director
Douglas Mark Steenland Independent Non-Executive Chairman
Mark Donald Lyons Chief Financial Officer & Executive Vice President
John P. Repko Chief Information Officer & Executive VP
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